Only minimal shifts were reported in milk price estimates for 2013 in the USDA’s latest "World Agricultural Supply and Demand Estimates" report.
The report, released on Friday, showed that Class III milk prices are expected to average $17.80 to $18.30 per hundredweight this year, compared to last month’s estimate of $17.85 to $18.35. Prices for both Class IV and All Milk are raised slightly.
“The Class III price is lowered as lower whey prices more than offset greater cheese prices. Class IV is up reflecting higher prices for butter and nonfat dry milk,” the report said.
The expected corn price shows a significant downward adjustment from last month. The range is now projected to be $4.30 to $5.10 per bushel, down sharply from the record $6.70 to $7.10 for 2012-2013.